Overview
- The Supreme Court struck down the administration’s IEEPA-based tariffs in a 6–3 ruling, and U.S. Customs suspended collection of the invalidated levies.
- A 10% global tariff took effect at 00:01 ET on Feb. 24 under Section 122, which permits up to 15% for a maximum of 150 days, and any increase to 15% has not been formally ordered.
- The European Parliament halted ratification of the Turnberry trade pact pending written legal assurances from Washington, with officials warning some products could face sharply higher effective rates under stacked charges.
- U.S. trade representative Jamieson Greer told G7 counterparts the administration intends to preserve the prior tariff framework using different legal bases, and diplomatic talks are continuing.
- Companies including FedEx filed suits seeking refunds of duties now deemed unlawful, while President Trump used his State of the Union to label the Court’s decision “unfortunate” and cautioned partners about potentially higher tariffs.